This article contains referral links. Know more.
Ledger has been one of the first to take the step, and that is, days after the official announcement of the activation of Taproot, the company has reported that it added support to P2TR addresses allowing it its users to use this new soft fork of Bitcoin.
The announcement was published on Ledger’s official blog this 25th of November, and the update is called Bitcoin 2.0. «This article is not about the next best Bitcoin. With the successful Taproot update that has been active since block 709,632, Bitcoin has just gotten better on its own. After Taproot was activated, Ledger published an entry on his blog announcing what this new improvement of Bitcoin would be on their devices with the use of P2TR addresses ( Pay to Taproot ).
Within the Ledger Live application, users can now send and receive funds to and from P2TR addresses. These offer higher levels of privacy thanks to what would be the new type of cryptographic signatures known as Schnorr.
Users interested in using this new update, just need to update their Bitcoin app on their nano X and S devices, and locate that it corresponds to the Bitcoin 2.0 version. Once updated, within your Bitcoin wallet you will be able to see the new addresses with Taproot.
While it is a step towards the adoption of Taproot, you should keep in mind that it is not massive yet. Receiving funds in these types of addresses can limit its use, since, even most of the wallets do not have this type of support.